today, jean-claude trichet was awarded one of the continent's most prestigious prizes, the charlemagne prize, given for efforts to improve the european unity. the audience listened closely to hear what he had to say about efforts to stop the eurozone debt crisis. >> although this was a celebration, frustration about the debt crisis in greece was an overriding theme of the event. for jean-claude trichet and other policymakers, creating stability for the common currency was of prime importance. >> we are standing at a crossroads and must strengthen european values. that is easy when the sea is calm. when it gets stormy, we have to prove what we are capable of. >> the jury said it was honoring jean-claude trichet for his efforts to stabilize the euro and the european currency union. but in his acceptance speech, the head of the european central bank talked about the difficulty of handling the debt crisis without being able to impose solutions on indebted governments. >> you have to stop individual countries from enacting policies that hurt themselves and the entire eurozone. >> jean-claud

for jean-claude trichet and other policykerscreating stability for the common currency was of prime importance. >> we are standing at a crossroads and must strengthen european values. thth is easy when the sea is calm. when it gets stormy, we have to prove what we are capable of. >> the jury said it was honoring jean-claude trichet for his efforts to stabilize the euro and the european currency union. but in his acceptance speech, the head of the european central bank talked about the difficulty of handling the debt crisis without being able to impose solutions on indebted governments. >> you have to stop individual countries from enacting policies that hurt themselves and the entire eurozone. >> jean-claude trichet is calling for the establishment of a central finance ministry to coordinate economic policies in the eurozone. national leaders are unlikely to agree. >> gree isrying to solve its debt problem by privatizing part of its industry. >> a german company is very interested. deutsche telekom is buying an additional 10% stake in a greek telephone operator. the telecommunications giant al

he is expected to succeed jean- claude trichet as ecb president later this year. as the debate cononnues over expanding the burden borne by private investors in the greek bailout, ireland is pushing for a similar option for their debt crisis. the finance minister said that he would like senior debt holders to shoulder more of the 70 billion euro bill. the move would mark a reversal of the policies set by the previous government to protect owners of senior securities this is a consistent with the new -- this is consistent the policy that the burden on taxpayers should be minimized. ireland is working to solve a debt crisis in which they had an $85 billion bailout from did eu and imf. they would need the support of the ecb before making changes to the existing bailout. well greased it continued to cast a shadow on investor sentiment, the german blue chips finished slightly lower thursday. our correspondentent this summary from frankfurt. >> there is growing concern here on the floor over what is happening in greece. people are afraid even that there might be a disor

the bank's president, jean claude trichet, said the e.c.b. will remain vigilant against inflation threats. he used that same wording in march, just ahead of the bank's last rate hike. more weakness in the u.s. labor market: jobless claims rose unexpectedly last week, jumping by 1,000 to 427,000 claims. economists thought they'd fall by that much. and citi credit card customers, listen up: citigroup will issue thousands of replacements after hackers got customers' personal information. the security breach affects 200,000 accounts, 1% of its north american credit cardholders. >> suzanne: still growing economy and look at push and pull weighing on the nation's debt. >> tom: from the backlog of foreclosures to bankrupt homes yet to gone on sale the housing market is an unchartered territory and he is cofounder of the s&p indexes. nice to see you. >> any pleasure. >> tom: from your estimation how bad is the housing market as we enter into the summertime in 2011? >> well, it's hard to know. the i view it it's been going down for five years. we had

that happen to come at a critical moment when the current president of the ecb, jean-claude trichet, his term was ending. it threw out a lot of uncertainty about what european policy would be going forward. they were considering a couple of different candidates who fell in different places, either hawkish of dovish part of the spectrum. hawkish seem to be more aggressive in raising interest rates and cutting off stimulus. dovish central bankers are seen as those who are concerned more about economic growth and jobs and how they can continue to stimulate that. he seems to fall a little bit more on the dovish side of things more so than the other candidates have been. in that respect, he might be more willing to allow european policy to stay relatively accommodative, that is to allow more money to circulate throughout the economy more so than some of the other candidates might have been. of course, we do not know what he will do until he gets there. at least now, people trying to invest in the market might have more clarity about the type of individual who will be setting policies. hos